Quote:"the agency is so low on cash that it will not be able to make a $5.5 billion payment due this month and may have to shut down entirely this winter unless Congress takes emergency action to stabilize its finances.
â€œOur situation is extremely serious,â€ the postmaster general, Patrick R. Donahoe, said in an interview. â€œIf Congress doesnâ€™t act, we will default.â€
In recent weeks, Mr. Donahoe has been pushing a series of painful cost-cutting measures to erase the agencyâ€™s deficit, which will reach $9.2 billion this fiscal year. They include eliminating Saturday mail delivery, closing up to 3,700 postal locations and laying off 120,000 workers â€” nearly one-fifth of the agencyâ€™s work force â€” despite a no-layoffs clause in the unionsâ€™ contracts."
Read more: nytimes.com